§ 11-19-42 - Forfeiture of charter rights and privileges. - Rhode Island Statutes

SECTION 11-19-42

   § 11-19-42  Forfeiture of charter rightsand privileges. – (a) Upon conviction for a violation of this chapter or upon revocation of acertificate of approval, the attorney general may apply to the superior court:

   (1) For the forfeiture of any charter rights, franchiseprivileges or powers of the corporation held by the convicted person under thelaws of this state;

   (2) For dissolution, if the person is a corporation orlimited partnership organized under the laws of this state; or

   (3) For the suspension of the privilege to exist within thisstate.

   (b) The court, after giving due consideration to the publicinterest and to relevant competitive and economic circumstances, may grant asmuch of the requested relief as is deemed appropriate. A dissolution shall beconducted in accordance with the procedures specified by law for eithervoluntary or judicial dissolution of the particular type of corporation,association, firm, or partnership.

   (c) If any corporation, association, partnership, or limitedpartnership shall be dissolved or have its privilege to exist in this statesuspended or revoked as provided in subsection (a) of this section, noassignee, transferee, or successor-in-interest of the corporation, association,partnership, or limited partnership shall be permitted to incorporate or totransact business in this state without first applying to the court for andreceiving an order permitting incorporation or transaction of business. Noorder shall be granted unless the applicant proves to the satisfaction of thecourt that it will conduct its affairs in accordance with all applicable laws.